Etsy (NASDAQ:ETSY) Cut to “Sell” at The Goldman Sachs Group

by · The Markets Daily

The Goldman Sachs Group downgraded shares of Etsy (NASDAQ:ETSY – Free Report) from a neutral rating to a sell rating in a research note released on Tuesday, MarketBeat reports. The brokerage currently has $45.00 price target on the specialty retailer’s stock, down from their prior price target of $70.00.

Several other equities analysts have also recently weighed in on the company. Wolfe Research began coverage on Etsy in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Wells Fargo & Company cut their price target on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Stifel Nicolaus lowered their price objective on shares of Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. Wedbush restated a “neutral” rating and set a $65.00 price objective on shares of Etsy in a report on Monday, July 22nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $76.00 target price on shares of Etsy in a research note on Tuesday, September 24th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus price target of $69.36.

Get Our Latest Stock Report on ETSY

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $50.75 on Tuesday. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58. The stock has a market cap of $5.93 billion, a P/E ratio of 23.17, a P/E/G ratio of 4.99 and a beta of 1.97. The firm has a 50 day moving average price of $53.53 and a 200 day moving average price of $59.43.

Etsy (NASDAQ:ETSY – Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). The firm had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. Etsy’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. Analysts predict that Etsy will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the completion of the transaction, the insider now directly owns 18,833 shares in the company, valued at approximately $1,125,083.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock valued at $300,670 in the last quarter. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Etsy by 0.7% during the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock worth $929,695,000 after buying an additional 91,900 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after purchasing an additional 721,454 shares during the period. Renaissance Technologies LLC boosted its holdings in Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Etsy by 52.3% during the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after purchasing an additional 721,453 shares during the period. Finally, TD Asset Management Inc raised its position in shares of Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after buying an additional 221,275 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

About Etsy

(Get Free Report)

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.

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